Company Reports

MS 4Q19: Next 5 Years, Higher Margins and New Biz

MS CEO Gorman made a strong case for future revenues growth with a conservative balance sheet. Still there is tough competition, but MS should hit its 5 year goals. Buy on Stock and benchmark bonds. Counterparty risk is Medium. 

Industry Reports

GS 4Q19: Waiting for Investor Day & 1MDB Settlement

GS presents revised reporting, but all eyes are focused on upcoming investor day strategic plan unveiling. As 1MDB still lingers and casts a shadow on good news day. Maintain Buys on Stock and Bonds. Counterparty risk is Medium. 

Topic/Theme Reports

Country Risk Chat: IMF Global Growth View, China, Hong Kong

We review the IMF global growth view for 2020. Further review the low birth rates in China and impact to growth. Hong Kong downgrade impacts. And more on Suriname's large oil discovery and sovereign risk effects.